The South American harvest season is in full swing, especially on first-crop soybeans. The most interest is also on soybeans, where we are getting a better indication of actual crop size. 

Many analysts have the Brazilian soybean crop at 133 million metric tons. This is very close to initial estimates as recent rainfall has benefited the crop considerably, as well as reports of higher than initially forecast plantings. We are also seeing elevated corn crop estimates, with many at 108 million metric tons. 

Sales...